ASX: TMX
Recorded on October 16, 2025. #Millettian
In this episode, Andy Millette of Natural Resource Stocks sits down with Justin Virgin, Executive Director of Terrain Minerals (ASX: TMX), to discuss the company’s expanding position in both gold and critical minerals. The conversation covers recent high-grade gold hits at the Smokebush Project in Western Australia, as well as Terrain’s growing gallium discovery — a material where China currently controls about 98% of the global supply.
Justin explains how Terrain is advancing two parallel opportunities: developing a standalone gold mine within trucking distance of regional mills, and pursuing a unique oxide-hosted gallium system that could position Australia as a domestic supplier of this strategic metal used in semiconductors, defense, and renewable technologies.
Key Highlights
- Gold exploration success: Strong results from the Lightning and Monza prospects, with expanding mineralized zones and multiple drill targets identified.
- Gallium potential: A 27 km² oxide system extending from surface, with metallurgical work underway to determine recovery characteristics and potential product development within Australia.
- Strategic importance: Gallium is vital for advanced electronics, EVs, and military systems; China’s dominance makes Western production increasingly valuable.
- Diversified portfolio: Beyond Smokebush, TMX holds additional copper, lithium, and rare-earth prospects across Western Australia and Queensland.
- Growth outlook: TMX maintains a disciplined exploration model with catalysts tied to assay results, metallurgical testing, and potential joint ventures.
About Terrain Minerals Limited
Terrain Minerals Limited (ASX: TMX) is an Australian exploration company developing a diversified portfolio of mineral assets, with a focus on gold and gallium at its flagship Smokebush Project in Western Australia. The company also holds interests in copper, lithium, and rare-earth projects across strategic regions of Australia.
Company Links
Website: https://terrainminerals.com.au/
Projects Overview: https://terrainminerals.com.au/projects/
Smokebush Gold Project: https://terrainminerals.com.au/projects/smokebush/
Investor Centre: https://terrainminerals.com.au/investors/
ASX Company Page: https://www2.asx.com.au/markets/company/tmx
Host & Channel Links
Natural Resource Stocks — Official Channel
Website: https://www.NaturalResourceStocks.net
YouTube: https://www.youtube.com/@NaturalResourceStocks
X (Twitter): https://twitter.com/NRS_Stocks
LinkedIn: https://www.linkedin.com/company/natural-resource-stocks/
Andy Millette – Host
X (Twitter): https://twitter.com/AndyMillette
LinkedIn: https://www.linkedin.com/in/andymillette/
Steve Yang – Co-Host
X (Twitter): https://twitter.com/SteveYang_Market
LinkedIn: https://www.linkedin.com/in/steveyang88/
Chapters
00:00 Intro – Terrain Minerals overview and strategy
02:20 Gallium discovery and its global significance
04:45 China’s control over gallium supply
09:20 Smokebush gold hits and development pathway
12:30 Balancing exploration risk and diversification
16:30 TMX valuation, catalysts, and funding approach
19:45 Final thoughts and investor takeaway
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